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N’Assembly to transmit 2022 budget Thursday – Lawan

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Senate President, Ahmad Lawan
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…Says Senate must remain steadfast in stabilizing polity ahead of 2023
 
President of the Senate, Ahmad Lawan, has said that the National Assembly will on Thursday transmit the 2022 budget passed by both chambers to President Muhammadu Buhari for assent into law.

Lawan gave the hint on Wednesday in his remarks moments before the chamber proceeded on recess.

According to him, the timely assent of the 2022 Appropriations bill into law would ensure the commencement of its implementation by January next year.

He added that businesses operating in the country as well as the economy stand to be impacted positively by the timely passage of the nation’s budget by the National Assembly.
 
He said, “For the 2022 Appropriation bill, we are expecting that the bill will be cleaned up between today and tomorrow, and we hope that by tomorrow, the bill will be sent to Mr. President for his assent.

“[And] we are very optimistic that Mr. President will assent to the bill, like he did for 2020 and 2021, so that by January 2022, the implementation of the budget 2022 will commence by the grace of God.

“We have seen the benefits of passing and assenting to the budget in good time, especially when we had to fight COVID-19.

“The consequence of the implementation of the budget in 2021 and 2020 was very clear. For us to come out of the recession that we found ourselves in the previous period, we must have had the fortune of passing the budget and getting Mr. President to sign in time.

“So, we believe that the economy of Nigeria, and Nigerian businesses especially, will continue to benefit from the passage of the appropriation bills in time and the assent by Mr. President, accordingly.

“We wish to make it clear that our desire is to provide legislations for the peace, order and good government of our country.”

The Senate President further hinted that the chamber would consider the report of the Committee on the Review of the 1999 Constitution as soon as it is presented early next year.

“When we return, we have one major legislation that has not been attended to at all as a chamber, and that is the constitutional amendments.

“Our Committee on the Review of the 1999 Constitution has been doing its work. But as a chamber, we haven’t finished working on it.

“We are expectant that our Committee on the review of the constitution will be presenting the report to this chamber as soon as we resume. The committee has done so much, and the report is almost ready.

“When we harmonize with our colleagues in the House, we should be able to vote on the issues that will particularly bring about peace, unity and good government in our country, before such bill will be sent to the State Houses of Assembly for concurrence.

“On the whole, we must thank Almighty God that almost all those major items we reflected in our legislative agenda as a chamber has been attended to.

“There’s nothing that has been left out, including the review or amendment to our standing orders on how our committees have better and more clearly defined jurisdictions and, of course, how we conduct ourselves here as a chamber.

“And this is because we’ve remained united even in the face of sometimes very difficult issues. We have gone through such difficult moments with dignity and respect for each other, and we have come out even stronger.”

The Senate President reminded his colleagues of the role of the Senate as an institution to stabilize the polity, particularly against the backdrop of issues likely to surface ahead of the 2023 general elections.

“Next year, by the grace of God, will be the last lap of our tenure. So, we have a lot to ensure that we finish all the things that we have penciled down for ourselves and, of course, there are many other issues that from time to time will be coming up in our polity.

“This Senate is supposed to play that role of stabilizing the polity in Nigeria.

“[And] I daresay, that the members of the National Assembly, particularly the Senate, is a stabilizing institution in the polity of Nigeria.”

He underscored the need for the National Assembly to work with the executive arm of government to provide the needed resources, as well as oversight the use of such funds in the fight against insecurity.

“The killings across the country are so bad, and it is not acceptable to us, but we have to work hard because we are part of government and we are also accountable to the people, for not only protecting their lives and property, but to ensure that they have a life that is worth living”, Lawan said.

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Business & Economy

Tinubu Welcomes Nigeria’s Removal from FATF Grey List, Pledges Continued Financial Reforms

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President Bola Tinubu
President Bola Ahmed Tinubu
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President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the nation’s economic reform and global credibility drive.

The FATF, the world’s foremost body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday at its plenary session in Paris, France.

The decision formally removes Nigeria from the list of countries under increased monitoring, following the nation’s successful completion of its FATF Action Plan after over two years of sustained reforms and inter-agency coordination.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the development reflects Nigeria’s progress in strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

“Rather than treat our placement on the grey list in 2023 as a setback, we saw it as a call to action,” the President said. “This delisting is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

The President credited the achievement to far-reaching legal, institutional, and operational reforms implemented under his administration through the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and other key ministries.

Tinubu commended the Director/CEO of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence and professionalism, as well as the contributions of several ministries, agencies, and private sector representatives who participated in the National Task Force on AML/CFT.

He also acknowledged the support of international partners including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their technical assistance throughout Nigeria’s reform process.

President Tinubu assured that his administration will sustain and deepen the reforms that led to the country’s delisting.

“This is not just a technical accomplishment,” he said. “It marks the beginning of a new chapter in our financial reform agenda as we continue building a system Nigerians and the world can trust.”

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Business & Economy

Lagos Tops 2024 State Revenue Ranking with ₦1.26 Trillion — NBS Report

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Lagos State has retained its position as Nigeria’s highest internally generated revenue (IGR) state in 2024, according to a new report released by the National Bureau of Statistics (NBS).

The report, published on Monday via the NBS X handle, revealed that the 36 states and the Federal Capital Territory (FCT) collectively generated ₦3.6 trillion in 2024, marking a 49.7 per cent increase from ₦2.43 trillion recorded in 2023.

Lagos led the chart with ₦1.26 trillion, followed by Rivers with ₦317.3 billion, and the FCT with ₦282.36 billion. Ogun and Enugu States completed the top five with ₦194.93 billion and ₦180.5 billion, respectively.

The bottom five states on the list were Adamawa (₦20.29 billion), Taraba (₦17.46 billion), Kebbi (₦16.97 billion), Ebonyi (₦13.18 billion), and Yobe (₦11.08 billion).

Other states that made the top 10 include Delta (₦157.79 billion), Edo (₦91.15 billion), Akwa Ibom (₦75.77 billion), Kano (₦74.77 billion), and Kaduna (₦71.57 billion).

The NBS noted that the sharp increase in overall IGR reflects growing fiscal efforts by states to boost their internal revenue base amid declining federal allocations.

 

 

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Business & Economy

FG Launches Free Financial Education Programme for 100,000 Youths 

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The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

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